Phoenix Arizona Housing Market Report December 2014

By
Real Estate Agent with Queen Creek Realtor, San Tan Valley Realtor, United Brokers Group (602)919-2375 SA 581636000
https://activerain.com/droplet/4sn5

Of course, our Queen Creek Real Estate market varies slightly from the Phoenix Arizona Housing Market Report, but most of the data is still applicable for our local housing market. The Market Report for Queen Creek and the San Tan Valley Market Report provide a more detailed look at the numbers for our region. Thanks to my amazing colleague, Beth Cox, Lead Market Analyst for United Brokers Group, I am able to provide you with the following information regarding the Phoenix Arizona Housing Market Report.

“Tracking the difference between the monthly cost of buying and renting a home can be one of the best ways to predict where our real estate market is headed. A household about to move will consider both options and choose the one that makes financial sense, usually with the goal of sticking to a monthly budget. An unsustainable bubble was formed in Phoenix (and many other US cities) from 2004-2006 as pro-ownership campaigns, loose lending practices, and fears of fleeting affordability led to buying frenzies and soaring home prices. While prices skyrocketed, monthly rental rates remained flat, creating a big gap between typical ownership and rental costs. Prices fell and re-calibrated over the next several years until the gap closed when rental and ownership costs were re-aligned.

The monthly price of owning a home (PITI + HOA dues with a typical down payment) has approximately matched the price to rent for the last 18 months in most areas of Phoenix. This is significant and means that homeowners considering mortgage default, unlike in 2006-2008, can’t just go rent the house next door to save money each month. The “bubble” of 2004-2006 was largely caused, and also predicted, by the gap that grew between monthly rental and mortgage costs during those years. We are not in a bubble now.

Looking forward to 2015, the Phoenix market should be stable–no big gains, no big losses. The lifestyle offered in our beautiful, affordable, growing city is as appealing as ever. Interest rates are still fantastic. Demand and supply are in balance. Follow our monthly updates to keep tabs on important market indicators, and contact your UBG agent for a detailed analysis of values in your area.”

- Beth Cox, Lead Market Analyst for United Brokers Group

 

For a detailed look at the Phoenix Arizona Housing Market Report December 2014, just click on the image below.

Dec Housing Metrics 2014

 

For a detailed look at the Phoenix Arizona Housing Market Report November 2014, just click on the image below.

 

 

 

For a detailed look at the Phoenix Arizona Housing Market Report October 2014, just click on the image below.

 

Oct Housing Metrics 2014

 

For a detailed look at the Phoenix Arizona Housing Market Report September 2014, just click on the image below.

 

September Housing Metrics 2014

 

For a detailed look at the Phoenix Arizona Housing Market Report August 2014, just click on the image below.

 

August Arrows Market Report 2014

 

 

For a detailed look at the Phoenix Arizona Housing Market Report July 2014, just click on the image below.

July Housing Metrics 2014

As a full-time, experienced Realtor living and working in the areas of Queen Creek and San Tan Valley Arizona, I am always available to answer your real estate related questions. If you are interested in buying or selling a home in Queen Creek or San Tan Valley Arizona, or if you would simply like a FREE market analysis of your property, then please do not hesitate to contact Karen Berg at 602.919.2375.

Of course I’d love to help you any time you need to buy or sell, but I’m also here for you any time you have a question about the market. You can also feel free to call if you’re simply curious about the listed or sold price of a house down the street. I’m looking forward to hearing from you soon!

 
Queen Creek Realtor®
22308 S Ellsworth
Queen Creek, AZ 85142
602.919.2375
 
 
 
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